The corn market was weaker at the start of the week and was unable to escape the general downward pressure on the grain exchanges. In Chicago, March corn lost 3.25 US cents and closed at 436.50 US cents/bushel. The May contract also fell by 3.25 US cents and ended trading at 444.50 US cents/bushel. July was also in the red with a drop of 2.75 US cents and closed at 451.00 US cents/bushel.
The market was burdened not only by the continuing losses in wheat, but also by falling oil prices. The price of crude fell by USD 1.61 per barrel, which had a negative impact on sentiment in the bioenergy sector. Ahead of the EIA's ethanol report today, Wednesday, many market participants remain cautious. Production rates are expected to remain stable at best, but possibly decline slightly, which could take further wind out of the sails of demand for corn.
On Euronext, March corn lost € 0.75 to € 185.25 per tonne.
